[vc_row bg_image=”20629″ top_padding=”300″ bottom_padding=”110″ bg_position=”center center”][vc_column width=”1/1″][minti_headline font=”font-special” size=”fontsize-xxxxl” color=”#ffffff” weight=”fontweight-700″ lineheight=”lh-12″]COMING OUT OF THE COVID CRISIS[/minti_headline][vc_column_text]

By Hank Kita, STA Executive Director

[/vc_column_text][/vc_column][/vc_row][vc_row type=”full_width_section” bg_position=”left top”][vc_column width=”1/1″][minti_spacer][/vc_column][/vc_row][vc_row top_padding=”0″ bottom_padding=”50″][vc_column width=”1/4″][/vc_column][vc_column width=”3/4″][/vc_column][/vc_row][vc_row top_padding=”0″ bottom_padding=”50″][vc_column width=”1/4″][vc_column_text][/vc_column_text][/vc_column][vc_column width=”3/4″][vc_column_text]With New York City and the remainder of the country slowly emerging from the COVID crisis, it is undeniable that the construction industry will have a long road back to fully recovering from the economic hardships brought about by the pandemic.

The New York City construction industry has long been a major part of the economic fabric of the City.  An important report recently released by the Building Trades Employers’ Association (BTEA) chronicles the “hit” that the industry took as a result of the COVID crisis.  According to this report, the pandemic wiped out over 74,000 construction related jobs and almost $10 billion in construction projects.

The BTEA report further documents the importance to the local economy of the construction and real estate sectors.  The report found that the construction and real estate sectors accounted for nearly 10% of the city’s jobs and 20% of its total output in 2020.  Add to that the fact that through the real estate sector, almost half of all city tax revenues come from property taxes paid by owners and developers.

Additionally, the BTEA study makes several key recommendations on issues of great importance to STA contractor members.  Those recommendations include:

The STA will make certain that this important report is provided in the coming weeks to our members and hopes to use many of its findings and recommendations as it continues to craft its advocacy and legislative agenda in the coming year.[/vc_column_text][/vc_column][/vc_row][vc_row type=”full_width_section” bg_position=”left top”][vc_column width=”1/1″][minti_divider margin=”0″][/vc_column][/vc_row]

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